中国隔夜简报- 2025年5月23日

Restricted - External China TechnologyPOSITIVEChina TechnologyJiong Shao, CFA+1 212 526 5562jiong.shao@barclays.comBCI, USLian Xiu (Roger) Duan+1 212 526 4633lianxiu.duan@barclays.comBCI, USXinyao Song+1 212 526 6972xinyao.song@barclays.comBCI, US Europe to compete with the local EV rivals. The starting price of the Seagull Surf is from USD22,700, and support 315 miles range.Xiaomiofficiallylaunches smartphones, tablets with its self-designed Xring o1 chip andnew EV model YU7:According to Shanghai Securities News, Xiaomiofficiallylaunches newversions of the smartphone Xiaomi 15S Pro and Xiaomi Pad 7 Ultra with its self-designedXring 01 chip at the launch event Thursday night. Xiaomi CEO Lei Jun also introduced its firstpremium SUV model YU7 at the event. Theofficialprice of YU7 was not disclosed at the eventand Xiaomi may start taking pre-orders from July. Mr. Lei Jun also announced plans to invest200 billion yuan in R&D over the next five years, with a focus on EVs and showcased the Xringo1 chip.Alibaba CEO Eddie Wu vows to strengthen investment in digital infrastructure to pavethe way for Chinese enterprises’ global expansion:According to theofficialAlibaba CloudWechat account, Alibaba CEO Eddie Wu said at the Alibaba Cloud Global Summit on Thursdaythat Alibaba Cloud is doubling down on globalization with a new strategy and 380 billionyuan investment plan aimed at creating a unified global cloud network and accelerate theinternational rollout of its AIofferings.The plan also aims to pave the way for Chineseenterprises’ global expansion.JD.com to expand its e-commerce business in South Korea by investing in localinfrastructure and logistics:According to The ChoSun Daily, unlike other Chinese e-commerce platforms such as AliExpress, Temu and Shein that positioned Korea primarily as aconsumer market for ultra-low-cost goods, JD.com is pursuing a longer strategy by investingin local infrastructures and logistics as well as targeting both B2C and B2B segments, as JDLogistics has established two self-operated centers in South Korea – one in Incheon andanother in Gyeonggi Province. JD.com aims to transform South Korea into a regionalfulfillment and export hub, particularly for shipping Korean products to China.Taobao to expand free global delivery service to 12 countries and regions during the618:According to IT Home, Taobaoofficiallyannounced on Thursday that its free globaldelivery service will expand to 12 countries and region, including South Korea, Japan,Thailand and Australia, during the 618 mid-year shopping festival. Customers in thesecountries and regions can also enjoy discounts and direct price cuts like domestic shoppersduring the mid-year promotional event. Taobao says that it will accelerate steps to expand itspresence in overseas markets this year, and support merchants in exploring the internationalmarket and achieving business growth.South Korean e-commerce platform 11Street expands its next-day delivery service tonationwide:According to dsb.cn, South Korean e-commerce platform 11Street has expandedits next-day delivery (“Shooter Delivery”) to nationwide. With this service expansion, its next-day service will be available on holidays including weekends in all areas nationwide.Nvidia CEO Jensen Huang stated that Nvidia’s market share in China has dropped from95% to 50%:According to CNBC, Nvidia CEO Jensen Huang warns that US export controls onAI chips are a failure, spurring China’s domestic AI chip industry growth. Nvidia’s marketshare in China has significantly decreased from 95% to 50%, leading to a USD 5.5 billion lossdue to the ban of the H20 chip for China.Barclays is not responsible for the content of any third-party website accessed via a hyperlink inthis report. Information on hyperlinked third-party websites is not incorporated by reference intothis report. The inclusion in this report of hyperlinks to third-party websites does not imply anyendorsement by or anyaffiliationwith Barclays. Some external links may require a subscription. ••••••••••••2 Links are current as of publication time and we are not responsible if those links are unavailablelater. Analyst(s) Certification(s):We, Jiong Shao, CFA and Lian Xiu (Roger) Duan, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availa